Commodity Strategist Mike McGlone Predicts a Recession as Top Catalyst for Gold’s Rise Above $2,000 – Markets and Prices Bitcoin News

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Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, recently predicted that gold could soon reach $2,000 an ounce as a result of a looming recession.

McGlone noted that gold’s current price of $1,800 is already close to its all-time high of $1,900, and that it could easily reach the $2,000 mark if the economy takes a turn for the worse. He argued that a recession would be a major catalyst for gold’s rise, as it would lead to a decrease in the value of paper money and an increase in the demand for safe-haven assets.

McGlone also pointed out that gold is currently undervalued, as it is trading at a discount to its long-term average. He believes that gold’s current price is an attractive entry point for investors, as it is likely to surge once the recession begins.

McGlone added that gold is a better hedge against inflation than stocks, bonds, and other traditional investments. He noted that gold has historically been a reliable store of value, and that its price is likely to increase as inflation rises.

Finally, McGlone argued that gold could benefit from a weakening US dollar, as it is priced in US dollars. He believes that a weaker dollar would make gold more attractive to investors, as it would be worth more in other currencies.

Overall, McGlone’s prediction that gold could soon reach $2,000 an ounce is an exciting one for investors. He believes that a recession could be the catalyst for gold’s rise, and that it is currently undervalued and a good entry point for investors. With gold’s long history as a reliable store of value, it is certainly worth keeping an eye on.

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